Corporate Affairs Commission Extends Deadline for Annual Returns Submission to April 1, 2024

The Corporate Affairs Commission (CAC) has announced an extension for companies to submit their annual returns, moving the deadline from January 1, 2023, to April 1, 2024. 
This decision comes in light of glitches on the company’s registration portal (CRP) and in consideration of the Micro, Small, and Medium Scale Enterprises (MSME) sector.
Recently, CAC released a circular indicating its intention to delist 91,843 companies by month’s end for failing to meet the annual returns submission requirement. However, the commission clarified that penalties are currently suspended for companies falling within the earlier deadline bracket, given the extended submission timeframe until April 1, 2024.

In a statement, CAC urged registered entities under the Companies and Allied Matters Act to utilize this extended window to file their pending annual returns. The Commission highlighted that this extension aims to accommodate challenges faced by businesses and to address appeals from the MSME sector.
Furthermore, CAC emphasized that the extension does not affect companies already undergoing penalty proceedings before the initial notice release date.

In earlier announcements, CAC had indicated its intention to remove a significant number of companies from its register due to non-compliance with annual returns submission. The recent list published by the Commission reflected a reduction in the number of companies earmarked for delisting compared to previous figures, demonstrating the evolving nature of the delisting process.

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